CarGurus, Inc. (NASDAQ:CARG) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in CarGurus, Inc. (NASDAQ:CARG) by 8.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,175,566 shares of the company’s stock after selling 189,293 shares during the period. The Manufacturers Life Insurance Company’s holdings in CarGurus were worth $79,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Louisiana State Employees Retirement System increased its stake in shares of CarGurus by 0.7% during the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock worth $1,553,000 after acquiring an additional 300 shares during the period. Summit Investment Advisors Inc. lifted its stake in shares of CarGurus by 4.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,075 shares of the company’s stock valued at $332,000 after purchasing an additional 423 shares during the period. Principal Securities Inc. lifted its position in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after acquiring an additional 424 shares during the period. Fifth Third Bancorp boosted its position in CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares in the last quarter. Finally, QRG Capital Management Inc. grew its stake in CarGurus by 6.6% in the 4th quarter. QRG Capital Management Inc. now owns 7,687 shares of the company’s stock valued at $281,000 after acquiring an additional 475 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CARG. JMP Securities dropped their price objective on CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. UBS Group lowered their target price on shares of CarGurus from $36.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of CarGurus in a research note on Friday, February 21st. Finally, Oppenheimer reduced their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, February 24th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.14.

CarGurus Trading Up 0.3 %

CarGurus stock opened at $28.42 on Wednesday. The stock has a market cap of $2.97 billion, a P/E ratio of 157.90, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. The stock has a 50 day moving average of $29.21 and a 200-day moving average of $33.91. CarGurus, Inc. has a 52 week low of $21.65 and a 52 week high of $41.33.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). The firm had revenue of $228.54 million for the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. As a group, equities analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Zachary Emerson Hallowell sold 1,824 shares of the firm’s stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $26.73, for a total value of $48,755.52. Following the sale, the chief executive officer now directly owns 129,790 shares in the company, valued at $3,469,286.70. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Samuel Zales sold 20,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $38.36, for a total transaction of $767,200.00. Following the completion of the sale, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at $15,344,959. The trade was a 4.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 41,824 shares of company stock valued at $1,392,156. Company insiders own 17.20% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.